Future presidents president won't be able to continue as recklessly as Obama has been doing.
"..........After Obama comes the deluge. "President Obama established a bipartisan debt-reduction commission — and then ignored its findings, which called for unpopular reductions in entitlements and across-the-board spending cuts. His first two budgets led to the largest deficits in U.S. history. The ensuing $3 trillion in red ink gave rise to the Tea Party movement and led to the largest midterm defeat of the Democratic party in the House of Representatives since 1938.
"No matter. The president has proposed a new budget with an even larger $1.6 trillion deficit. That record federal borrowing prompted columnist Charles Krauthammer to describe it as a Louis XV indulgence, an allusion to the wild royal spending that brought about the French Revolution. Even Newsweek editor-at-large Evan Thomas, who once gushed that Obama stood “above the world” as some “sort of God,” called the president’s new budget a “profile in cowardice.” After Obama leaves office, a perfect storm of rising international interest rates, an anemic dollar, and panic on the part of foreign lenders may force an end to this unhinged American rush to borrow and blow what it has not earned........"
Going to be some tough years ahead. Just think in about June there will be about one and a half million new grads looking for work hitting the market. Where do they find jobs to pay off student loans etc? I don't see a balanced budget any time soon unless a miracle happens. No jobs no balanced budget no matter who is president.
Post by safeharbor37 on Feb 28, 2011 0:43:21 GMT -5
Not to worry. It's darkest just before dawn. [or so I'm told.] Just think; Some good conservative Republican may adopt the recommendations of the Obama Commission and ride it into the Presidency. If so, at least some control can be put on the ballooning deficit. Now. If the deficit can be controlled [not eliminated, just controlled], it is possible to bring the debt under control by growth in the economy. We had the same concerns following WWII and, with the Korean Conflict, it got pretty bad, but, Eisenhower came along, and, his being a good administrator, the deficit was brought under control to the degree that it allowed Kennedy to reduce taxes. The problem today is that Obama and Company are digging the hole as fast as they can and the deeper they dig, the more painful the process of recovery. At present there is sufficient dissatisfaction in the electorate that changes are likely to come by 2012 if not before. I'm not suggesting that we have nothing to worry about, but worry in and of itself never solved anything and, if you look really hard, there's a silver lining on that big dark cloud.